Mathematics – Optimization and Control
Scientific paper
2010-06-23
Mathematics
Optimization and Control
10 pages, 4 figures
Scientific paper
We investigate the problem of allocating energy from renewable sources to flexible consumers in electricity markets. We assume there is a renewable energy supplier that provides energy according to a time-varying (and possibly unpredictable) supply process. The plant must serve consumers within a specified delay window, and incurs a cost of drawing energy from other (possibly non-renewable) sources if its own supply is not sufficient to meet the deadlines. We formulate two stochastic optimization problems: The first seeks to minimize the time average cost of using the other sources (and hence strives for the most efficient utilization of the renewable source). The second allows the renewable source to dynamically set a price for its service, and seeks to maximize the resulting time average profit. These problems are solved via the Lyapunov optimization technique. Our resulting algorithms do not require knowledge of the statistics of the time-varying supply and demand processes and are robust to arbitrary sample path variations.
Dimakis Alexandros G.
Neely Michael J.
Tehrani Arash Saber
No associations
LandOfFree
Efficient Algorithms for Renewable Energy Allocation to Delay Tolerant Consumers does not yet have a rating. At this time, there are no reviews or comments for this scientific paper.
If you have personal experience with Efficient Algorithms for Renewable Energy Allocation to Delay Tolerant Consumers, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Efficient Algorithms for Renewable Energy Allocation to Delay Tolerant Consumers will most certainly appreciate the feedback.
Profile ID: LFWR-SCP-O-674895